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10 Dec 2014
Oil prices resumes downtrend
FXStreet (Mumbai) - Crude oil prices on both sides of Atlantic, resumes its downtrend, after a temporary rebound seen in yesterday’s US trading.
Brent oil trades at USD 66.05/ barrel and WTI crude oil trades at USD 62.94/ barrel, both losing -1.06% and -1.32% respectively, at time of writing. Oil prices fell around USD 1/ barrel in Asian hours after Iranian official forecasted probability of further fall in oil prices on doubts of unanimous decision-making among OPEC members. Oil prices also weakened as oversupply worries resurfaced.
Oil prices rebounded in the previous session as the US dollar index halted its rally and drifted lower by 1%.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 66.35 (20-day SMA), above which gains could be extended to 66.66 (50-day SMA) levels. Meanwhile, support is seen at 65.29 (Dec 9 Low), below which losses could be extended to 64.91 (June 2009) and from here to 64.08 (Sept 2009) levels.
Brent oil trades at USD 66.05/ barrel and WTI crude oil trades at USD 62.94/ barrel, both losing -1.06% and -1.32% respectively, at time of writing. Oil prices fell around USD 1/ barrel in Asian hours after Iranian official forecasted probability of further fall in oil prices on doubts of unanimous decision-making among OPEC members. Oil prices also weakened as oversupply worries resurfaced.
Oil prices rebounded in the previous session as the US dollar index halted its rally and drifted lower by 1%.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 66.35 (20-day SMA), above which gains could be extended to 66.66 (50-day SMA) levels. Meanwhile, support is seen at 65.29 (Dec 9 Low), below which losses could be extended to 64.91 (June 2009) and from here to 64.08 (Sept 2009) levels.